SBI's quarterly profits jump

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⭐ SBI's quarterly profits jump

State Bank of India (SBI) has reported a 73.9% year-on-year (YoY) jump in its net profit to ₹13,265 crore during the September quarter. Meanwhile, its net interest income (NII) grew by 12.8% YoY to ₹35,183 crore. The asset quality also improved during the quarter, as its net NPA stood at 0.8%, down by 0.72% YoY.

⭐ Godrej Agrovet’s reports mixed results

Agri-business company Godrej Agrovet reported 13.6% YoY growth in its consolidated revenue at ₹2,454 crore in Q2FY23. However, its profit after tax decreased by nearly 38% to ₹69.6 crore. The company said profitability was impacted due to commodity price volatilities, sustained cost inflation and the unfavourable macro environment.

⭐Govt sets sugar export limit 

The Indian government on Saturday set the sugar export limit of 6 million tonnes for the ongoing sugar season, which started from 1 November. Export quota will be 60 LMT of sugar for each sugar mill and includes all grades of sugars. The move by the government will help prevent uncontrolled export of sugar and ensure sufficient availability in domestic markets.

Global markets (at 7:30 AM today)

Fact of the day

Tirumala Tirupati Devasthanams (TTD) has declared total assets worth ₹2.2 lakh crore, including 10.3 tonnes of gold and ₹15,938 crore of cash deposits.

Source: Live Mint